Commercial Real Estate: D.C. Trophy Property Sold

Commercial Real Estate: D.C. Trophy Property Sold-Image via Wikipedia

Harbor Group International, LLC (“HGI”) has sold its Washington, DC trophy property, Longfellow Plaza at 1211 Connecticut Avenue NW for $49.5 million. Situated in the prestigious Golden Triangle section of the city, the eight-story, 125,119-square-foot commercial building was purchased by publicly traded real estate investment trust First Potomac Realty Trust.

“We are pleased with the performance of 1211 Connecticut and feel we have added a great deal of value to the property through our focused management plan,” said T. Richard Litton, Jr., President of Harbor Group International. “After less than a year and a half of successful ownership, we saw an opportunity to execute our exit strategy and deliver a superior return to our investors.”

The Norfolk-based firm purchased the property for $35.2 million in July 2009 from an affiliate of BlackRock.

Built in 1967, the Class-A office building underwent extensive renovations totaling over $1.5 million during the three years prior to HGI’s ownership. Its unique floorplans easily accommodate multi-tenant and full-floor accommodations and it includes three levels of below-grade parking. Currently 100 percent occupied, the tenant roster includes International Resources Group, as well as prominent architects, lawyers, embassies, policy analysis and research organizations, consultants and non-profits.

Longfellow Plaza is located in one of Washington, D.C.’s most sought after commercial areas due to its close proximity to both the federal government and private industry. Moreover, it is surrounded by significant retail corridors and is within three blocks of three MetroRail stations. The property fronts Connecticut Avenue just south of Dupont Circle. The triangular area formed by Connecticut, Pennsylvania, and New Hampshire Avenues, known as the “Golden Triangle,” has become synonymous with being the premier location in the Washington, D.C. CBD.

Holliday Fenoglio Fowler, L.P. brokered the transaction.

About Harbor Group International, LLC
Harbor Group International, LLC (HGI) is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $2.9 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Chicago, London, Toronto and Tel Aviv. The company’s real estate holdings include over 9.6 million square feet of commercial space and more than 16,000 apartment units. For additional information, please visit http://www.harborgroupint.com.

FROM:
HARBOR GROUP INTERNATIONAL, LLC
999 Waterside Drive, Suite 2300
Norfolk, Virginia 23510

CONTACT:
Linda Alexander
Alexander Marketing Corp.
212/247-7940; 917/881-5360

Amy Ford, Marketing Manager
Harbor Group International, LLC
(757) 640-0800

Tagged with:

Filed under: Real Estate

Like this post? Subscribe to my RSS feed and get loads more!